HomeMy WebLinkAbout02-10-14 Board of Finance;9E
Board of Finance
City of South Bend, Indiana February 10, 2014 3:00 P.M.
2013 Board of Finance Meeting Minutes
As required by state statute the City Council met as the Board of Finance (BOF) to elect officers,
hear the Controller's report of 2013 investments, appoint 2014 investment officers and review
investment policies.
Six of the nine Councilmembers attend compromising a quorum. Election of the Board
President followed by Board Secretary was the first order of business. Council President Oliver
Davis conducted the election accepting nominations and calling for consensus. For both
positions the nomination was made by Valerie Schey, seconded by Tim Scott and affirmed by all
presence. Dr. Fred Ferlic was elected BOF President and Dr. David Varner was elected Secretary
Oliver Davis passed the symbolic gavel to Dr. Ferlic who conducted the rest of the meeting.
City Controller John Murphy provided printed copies of the Annual Investment Report for 2013.
(Attached) After his explanatory remarks John asked the Council to reaffirm 1st Source Bank as
the sole handler of the city investment activity in an amount not to exceed $175 million. Paul
Gifford and James Welch were present representing 151 Source Bank. They explained the banks
investment and reporting policies. One new policy was to begin quarterly investment review
meetings. This was roundly appreciated by the Council. Meeting dates of April 22, July 22,
October 21 and January 20, 2015 were specified. Once investment policies and procedures
were explained the Controller and 1st Source representatives fielded a variety of Council
questions. Once satisfied the Board of Finance was adjourned by Dr. Ferlic at 3:37 P.M.
Respectfully submitted,
Council Member Dr. Fred Ferlic, President
Board of Finance Committee
Attachments